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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2017 |
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Carna Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2017 |
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for |
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Carna Limited |
Carna Limited (Registered number: 00639205) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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Carna Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Victoria House |
199 Avebury Boulevard |
Milton Keynes |
MK9 1AU |
Carna Limited (Registered number: 00639205) |
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Report of the Directors |
for the Year Ended 31 March 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property development and sales. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report. |
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The group has made qualifying third party indemnity provisions for the benefit of its directors which were made during |
the year and remain in force at the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Grant Thornton UK LLP, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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Carna Limited (Registered number: 00639205) |
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Report of the Directors |
for the Year Ended 31 March 2017 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Carna Limited |
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We have audited the financial statements of Carna Limited for the year ended 31 March 2017 on pages six to eleven. |
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at |
www.frc.org.uk/auditscopeukprivate. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its loss for the year then
ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is |
consistent with the financial statements. |
- the Directors' Report has been prepared in accordance with applicable legal requirements. |
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Matter on which we are required to report under the Companies Act 2006 |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the Audit, |
we have not identified any material misstatements in the Report of the Directors'. |
Report of the Independent Auditors to the Members of |
Carna Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
Victoria House |
199 Avebury Boulevard |
Milton Keynes |
MK9 1AU |
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Carna Limited (Registered number: 00639205) |
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Statement of Comprehensive Income |
for the Year Ended 31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS (LOSS)/PROFIT | ( |
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Administrative expenses |
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OPERATING (LOSS)/PROFIT and |
(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 3 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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Carna Limited (Registered number: 00639205) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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Carna Limited (Registered number: 00639205) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2016 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 March 2017 |
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Carna Limited (Registered number: 00639205) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Carna Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are the company's first in accordance with FRS102. |
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Turnover |
Turnover, stated net of VAT and trade discounts, represents the sale of residential properties and land for |
development, rent receivable from sites pending development and fees for other services provided. |
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Taxation |
Corporation tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted |
by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or |
a right to pay less or to receive more tax. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
there will be suitable taxable profits from which the underlying timing differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in |
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
sheet date. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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3. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31.3.17 | 31.3.16 |
£ | £ |
Current tax: |
UK corporation tax | ( |
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Prior year adjustment | (1 | ) | - |
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Tax on (loss)/profit | ( |
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Carna Limited (Registered number: 00639205) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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3. | TAXATION - continued |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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31.3.17 | 31.3.16 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Capital allowances | (1 | ) | (2,365 | ) |
tax purposes |
forward |
Total tax (credit)/charge | (866 | ) | 144,229 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Tax |
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VAT |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade creditors |
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Tax |
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Accruals and deferred income |
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6. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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7. | POST BALANCE SHEET EVENTS |
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There has been no event since the balance sheet date that could materially affect the state of affairs of the |
company as at 31 March 2017 or that requires disclosure. |
Carna Limited (Registered number: 00639205) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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8. | ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
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The company's immediate and ultimate parent company is RO Trading Limited, a company incorporated in |
England and Wales. |
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Mr R G St J Rowlandson, a director of RO Trading Limited and members of his close family, control the |
company as a result of them owning and controlling the issued share capital of RO Trading Limited. |
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RO Trading Limited
is the parent company of the largest and smallest group of which the company is a member
for which consolida ted accounts are prepared. Copies of its group accounts can be obtained from Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD. |
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9. | FIRST YEAR ADOPTION |
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The Financial Reporting Standard 102 was adopted for the accounting period. There are no adjustments required |
to results or balances at 31 March 2016 or 31 March 2017 as a result of the application of FRS 102. |
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